Sky high gas prices in the post-Donald Trump era led to President Joe Biden becoming a bit reckless with the reserves. Since coming into office, the amount in the reserves has sank to its lowest level in 40 years.
Currently, just 346.8 million barrels are ready to roll, which would last just 18 days if a true crisis were to unfold. Fox Contributor Phil Flynn says the move by Biden will have long reaching effects.
"I believe the reserve was used for the wrong reasons...by using it as a tool to control gas prices short-term, it will leave us vulnerable to price hikes in the future," he says. "We took our supplies, spent them all, and it will be very difficult to replace those any time soon."
Maybe you believe in coincidence, maybe you believe it was something else. But the timing of his use of the reserves was interesting, to say the least. It began right after Biden took the White House. Gas prices began hovering around $5 per gallon i some places, which led to tens of millions of barrels being released in Fall 2021, just mere weeks before the midterm elections.
"This was a situation where Biden used the strategic petroleum reserve as his politcal piggy bank," he says.
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